SoFi and Credible are among the leading online lending platforms. The choice in favor of SoFi or Credible may be complicated by the fact that each of them contains similar options. This comparison of various aspects will help to identify key differences that are important to consider in the decision-making process.
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SoFi vs Credible: a Comparative Chart
| SoFi | Credible | |
|---|---|---|
| APR Range | 7.99 - 23.43% | 5.4 - 35.99% |
| Term | 24 - 84 months | 12 - 84 months |
| Loan amount | $5,000 - $100,000 | $600 - $100,000 |
| Min Score | Good (670-739) | Good (670-739) |
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| Cons |
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Payment flexibility
SoFi
It is worth noting here that SoFi has a special unemployment protection program. If the job is lost through no fault of the borrower, it is acceptable to suspend loan payments for 3 months or make payments exclusively on interest for up to 1 year. In addition, the terms of the program include assistance to the borrower in finding a new job. They also provide him with access to career mentoring and free consultations on financial topics.
Credible
The Credible referral service is an online lending marketplace that allows you to compare several lenders and choose the one that suits you best. In this regard, it provides customers with a wider range of payment options. First of all, the loan repayment period ranges from 12 - 84 months depending on the conditions of the particular lender. Of course, choosing a shorter loan period allows the borrower to pay less interest on the loan over the entire period.
Like its competitor, Credible allows changing the fixed payment date without additional fees.
Terms
SoFi
The company offers a personal loan with period from 24 - 84 months. The borrower can make a choice depending on the desire to pay less interest or have more affordable monthly payments due to a decrease in their size. In addition to the loan repayment period, there are other equally important parameters:
- the loan amount provided by the company varies from $5,000 - $100,000;
- there is no origination fee, as well as all kinds of fees for prepayment and late payment;
- the minimum credit score is not disclosed, but this indicator is highly likely to influence the decision to approve the loan;
- competitive rates (APR) are in the range of 7.99 - 23.43% with the possibility of receiving a discount on automatic payment in the amount of 0.25%;
- financing time is 3 business days.
The main requirements for a loan applicant include US citizenship, permanent residence or visa (E-2, E-3, H-1B, J-1, L-1 or O-1). At the same time, he must have reached the age of majority (18 years or older) and reside in the territory of one of the relevant states. If a potential borrower has permanent resident status, he must be prepared to provide an image or scan of a Green Card that is valid for more than two years. Similar requirements apply to visa holders, who must be ready to provide an image or scan of the document itself and confirmation of an approved application for a Green Card. The person also needs to have sufficient income from other sources or a written job offer within the next 90 days.
Eligibility for a loan is determined by the full financial history, including past loans and their repayments, the ratio of income and expenses and professional experience. SoFi assumes the mandatory addition of a cosigner.
Credible
So, the repayment period of the Credible personal loan ranges from 12 - 84 months. A potential borrower also needs to consider the following factors:
- the amount available for the loan reaches $600 - $100,000;
- the marketplace lending company does not provide for any fees and does not charge a commission for applying for a loan, its issuance or early repayment;
- the minimum credit rating is not disclosed due to dependence on the lender, but there is data on the average indicator, which is 620;
- rates (APR) have a wide range from 5.4 - 35.99% as of November 2022. It is possible to receive a discount on the interest rate using the automatic payment service. In addition, the lending market offers a Best Rate Guarantee, thanks to which the borrower can receive $200 by finding the best rates from another lender and meeting certain criteria.
Anyone can turn to Credible for help. The platform is an intermediary and shows the client the loans of those persons for which he can really claim in accordance with the information provided.
The only restriction concerning access to Credible services applies to the State of New York.
The loan application process comparison
SoFi
Applying for a personal loan from SoFi comes down to a few simple steps:
- registration on the official website of the company, where it is required to indicate personal data, state of residence and email address;
- selection of the preferred amount of personal loan and the category of intended use;
- providing answers to questions designed to confirm the identity of the borrower and determine his ability to manage capital rationally.
Unlike its competitor, SoFi arranges a traditional credit check without mitigating conditions. This means that it has a significant impact on the customer's credit score. However, despite the lack of direct influence of Credible on credit score, it is exposed by the chosen lender.
Credible
Submitting an application through the Credible personal loans platform includes the following steps:
- search for the most suitable rate with a soft credit check. To do this, the client needs to select the appropriate option on the official website, as well as enter data about his own education, financial condition and the desired loan amount;
- comparison of available offers from different lenders;
- selection of optimal conditions and interest rates, and then proceed to applying for a loan. The lender asks additional questions to obtain the necessary information about the borrower's credit history and check his creditworthiness.
The application is not directly submitted to this marketplace lending company. For this purpose, Credible redirects the client to the website of a particular lender. It is important to keep in mind that the platform does not provide absolutely all financial products, limiting itself only to the offers of its partners.
Which has a better reputation?
SoFi
Despite the fact that the Better Business Bureau (BBB) assigns the company an A + rating, it receives a considerable number of complaints. The main claims of customers are related to applying for a loan, finding the necessary information in the service department and long terms for solving problems. The rating on the Trustpilot service is characterized by very low rates and indicates the need to work in this direction.
Credible
Currently, the trading platform has an accreditation, an A + rating and a fairly high rating in accordance with the reviews of more than 3,000 customers at the BBB. It also has an excellent average score on the Trustpilot with over 5,000 satisfied customer reviews. This indicates a decent level of service and a solid positive reputation of the platform associated with simplicity and reliability.
When is SoFi Better? / When to choose Credible?
Comparison of Credible vs SoFi makes it possible to confidently state that both platforms have competitive advantages.
SoFi is worth paying attention to when a customer:
- wants to apply for a personal loan with flexible terms and unique benefits;
- needs some individual financial recommendations.
- is looking for a sense of security associated with unemployment;
- is a member of SoFi, so he is guaranteed to receive discounts on future loans.
Check SoFi personal loan rates
Credible will be an excellent option for those customers who:
- do not have time to familiarize themselves with existing credit products. The online platform will offer several options with suitable conditions based on a single form, which will take no more than 2-3 minutes to complete and will significantly save time;
- have a high credit score and want to be guaranteed to find the most optimal rate on the marketplace.
Check Credible personal loan rates